Learning Objectives - After completing this module you should be able to: 1. Define the marketing management tasks and planning processes that are used to deliver value to customers and build long-term relationships with customers. Answer; Marketing Management Tasks 1 . Developing Marketing Strategies and Plans - To Identify it's potential long run opportunities ,glee Its market experience and core competencies 2. Capturing Marketing Insights - Reliable marketing Information system to closely monitor Its marketing environment so It can continually asses market potential and forecast demand. . Connecting with Customer -? Create value for Its chosen target market ND develop strong, profitable, long term relationship with customer. 4. Building Strong Brands - understanding the strengths and weaknesses. 5. Shaping the Market Offering - Tangible offering to the market, which includes the product quality, design, features and packaging. 6. Delivering Value - Determine how to properly deliver to the target market the value embodied in its product and services. 7. Communicating Value - Communicate to the target market the value embodied by its product and services. . Creating Successful Long Term Growth - Must initiate new product development, testing and launching as part of Its long term view. Marketing Planning Process * Nilsson Corporate Objectives ; Marketing Audit SOOT Analysis * Marketing Assumption * Marketing Objectives and Strategies * Fore cast of Expected Results * Create Alternative Plans * Marketing Budget * Detailed Action Plan 2. Define and explain the basic marketing Information needs and research methods used to analyze and segment consumer behaviors In consumer, business, government, and Institutional markets.
Answer; ; Consumer Behavior - Is the study of Individuals, group or organization and the processes they use to select, secure and dispose of products, services experiences or and society. It studies characteristics of individual consumer such as behavioral variables in attempt to understand people wants. Business - (also known as enterprise or firm) is an organization involves d in the trade of goods, services or both to consumer. * Businesses are predominant in capitalist, economist where most of them are private owned and administered to provide service to its customer.
Government - Is the system by which a state or community is governed. Institutional Market - Is a consumer market composed of large buyers who tend to purchase in volume quantities. There are four major sources for finding marketing information. . Secondary information is information that someone else researched for a solution to a problem other than yours. 2. Information from respondents plays a huge role in research. Customers' verbal and behavioral responses provide useful information. 3.
Natural experiments are Just what they would seem. The investigator only measures results, having no control over the elements of the experiment. Controlled experiments measure specific variables and require the researcher to be more involved. Experimental results are then compared to a control group in order to measure the chosen variable. 4. Simulation- the study and use of models of complex relationships. Experimentation can cost effective to create a experiments. Research Method be expensive and time-consuming.
It might be more simulation model instead of doing real-world 1 . Experimental research gives you the advantage of controlling extraneous variables being and manipulating one or more variables that influences the process implemented. 2. Non-experimental research allows observation but not intervention. You simply observe And report on your findings. Using these information and methods, we can analyze our data from different segments of consumers including their behaviors in business, government and institutional markets. . Explain the influences on, and segmentation (categorization) of, customers in consumer, business, government, and institutional markets. Answer; Segmentation - The best segmentation research is focused both on identifying the best opportunities for growth but also determining the areas you can comfortably Step by step process to develop the best segmentation * Focus ignore. * Define * Design and Implement * Choose Segmentation is the process of dividing potential markets or consumers into specific roofs.
Market research analysis using segmentation is a basic component of any marketing effort. It provides a basis upon which business decision makers maximize segments most favorable to their goals. It influences the market to help researchers getting their data organized and easy to analyze. 4. Define and explain the basic issues in product (and services) management, planning, and development as related to the product life cycle, brand strategy, product research, and decision making. Answer; Product Management Issues - depends on where the product is in its current innovation, imitation life cycle * New product development best viewed on going ,continuous process Product Planning * Encouraging channel member input into new product planning * Fostering channel member acceptance of new product * Fitting the new product into channel member assortment Product Life Cycle - Refers to a products sales growth from the beginning to its peak, followed by a decline and its eventual withdrawal from the market, in simple term PAL is the period between the birth and the death of product.
PAL consists of 4 distinct stages 1. Introduction 2. Growth 3. Maturity 4. Decline Brand Strategy A brand name is valuable assets that needs to be carefully managed * The positioning of a new brand is enhanced by choosing a brand name logo that is getting attention, distinctive, memorable and communicate the products benefits. Product Research - Component of market research whereby the characteristic of a good or services that will satisfy a recognize needs or wants are identified.
Decision Making - Can be regarded as the cognitive process resulting in the selection of a course of action among several alternative scenarios * Every decision making process produces a final choices, the output can be an action or an option of choice. . Describe, and identify the appropriate use of, advertising, sales promotions, public relations, direct mail and Internet-based communications when developing an integrated marketing campaign. Answer; Integrated Marketing Campaign (MIMIC) combines new, and traditional media marketing tools and tactics to connect with consumers across multiple platforms.
The goal of an MIMIC is to integrate brand messaging across channels (messages are not platform-specific), and to increase market and brand awareness, eventually resulting in financial benefits. Businesses should consider participating in the integrated inline marketing space. This effectively combines email, search, social, mobile and traditional to deliver a strong message. Facilitating conversations, commerce and loyalty are the tools that will help us to get new customers, and to maintain current customer base. 6. Define and explain methods of managing, motivating, and controlling sales personnel.
Methods of Managing * Give good training * Give more incentives Motivating - Using incentives, persuasion and mental or physical stimulants to influence the way people think or behave individually or in groups. Controlling The Basic Management Function Establishing benchmarks or standards * Comparing actual performance against them * Taking corrective action if required Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operation. . Define and explain the need for marketing intermediaries, and explain the selection and management of channels of distribution both physical (wholesalers and retailers) and virtual (Web-based channels) and how these might result in channel conflict. Answer; Intermediaries - Is a careful balance between the need to ensure full coverage of the racket output and ensuring that there is not so many intermediaries that none of them is making money selling the product.
Distribution Channel - A group of people and firms involved in the transfer of title or ownership as the product moves from the producer to the ultimate consumer. Channel Conflict - Situation of discord or disagreement between channel members from the same marketing channel system. * A situation where one channel member perceives the behavior of another channel member to be impending the attainment of its goals or its effective functioning. Channel conflict is a situation when a producer or supplier bypasses the normal Handel distribution and sells directly to the end user.
Selling over the internet while maintaining a physical distribution network is an example of channel conflict. E- commerce is the most second distribution channel because of its low overhead expenses and communication costs. * Channel conflict can also occur when there has been over production 8. Define and explain the supply, demand, and cost influences in the pricing of goods and services. Answer; If the price increases, quantity supply also increases and if the price decreases quantity supply also decreases.
If price increases quantity demand decreases and if he price decreases quantity demand increases. 9. Define and explain the methods for entering global markets after appropriate market research related to product adaptation, distribution strategy development, pricing related to cost and growth factors, and development of an advertising and promotion strategy for a specific international market. Answer; Global market offers a lot of opportunities to domestic firms.
International marketing is finding out what customers across national boundaries wants better than competitors. It is also concerned with formulating objectives and strategies, the adaptation of the right marketing mix, and engagement in marketing research. The methods for entering foreign markets are: * Exporting * Joint venturing * Direct investment products and service levels improve marketing decisions related to price, physical and virtual communications, distribution, and segmentation strategy and tactics.
Answer; Primary Information - Consists of a collection of original primary data. It is often undertaken after the researcher has gained some insight into the issue by viewing secondary research or by analyzing previously collected primary data. Primary information includes: 1 . Surveys 2. Focus Groups . Interviews 4. Observations 5. Experiment field trials Secondary Information - Is consists with a primary source which is an original source of the information. A primary source can be a person with direct knowledge of situation or a document created by such person. Is simply the act of seeking out existing research and data These methods will affect their marketing decisions by getting information to improve their products and services. * Involves generalization, analysis, synthesis, interpretation or evaluating of the original information. Module 2 - Introduction to Marketing Research and Planning the Research Process This module provides an in-depth discussion of how research informs marketing and business decision making and reduces business risk.
Learn how to develop research proposals, select the most appropriate research approaches to address a study objectives, and communicate the value of marketing research to business managers. Learning Objectives - After completing this module, you should be able to: 1. Explain the relationship between market management and market research. Answer; Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of forms marketing sources and activities.
Marketing research the systematic gathering, recording and analyzing or data about problems relating to the marketing of goods and services, the relationship between market management and market research are the same topic which is focused in the market, the marketing research are collecting information from the market to know the possible solution to a certain problem and the marketing management clearly communicates the best strategic thinking to meet the decision making needs of knowledgeable executives managing real world of businesses. 2. Define Marketing Research
Marketing Research - The systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services * Information in order to introduce products and services that create value in the mind of the customer. * Should allow some estimates of the market size, give n the target market/s and the foreseeable competition. * Is the systematic gathering and analytical methods and techniques of the applied social sciences to gain insight or support decision making. 3. Ascertain the process by which business management defines essential problems and major challenges. . Be able to lead a discussion with business management regarding the major business decisions they are facing. Be able to probe in order to discover their obstacles, challenges, opportunities, threats. Find out what they know already and what they must know in order to take the most "informed" actions. 5. Translate essential business problems and challenges into cogent research objectives that are tied to specific business actions or decisions. Cogent Research is a market research firm providing both custom and syndicated research.
The company specializes in research design, data collection, and marketing analysis services. "Decisions are a point in time where you have gathered and noninsured some data," You have a selection to make, you have a set of options, you have a set of choices from which you must select. And when you make that decision, you're making a commitment to action. " In other words, you can automate, analyze and gain insights to any number of decisions-?but those efforts won't make a significant difference unless you ensure that they're actually translating into real business activity. . Determine the appropriate level and depth of information required for decision-making and differentiate "nice-to-know" information from "need-to-know" information. Answer; ice-to-know' information-?the information that's somewhat related and mildly interesting, but not necessary for achieving the performance or business results while "need-to-know is fairly self-explanatory, a tight security method in which information is only given to those who can present a good case for knowing about a project. 7.
Be able to explain clearly the value of market research and its impact on reducing risk in business management decision making. Answer; "Marketing research does not make decisions and it does not guarantee success". Marketing managers may seek advice from marketing research specialists, and ended it is important that research reports should specify alternative courses of action and the probability of success, where possible, of these alternatives. However, it is marketing managers who make the final marketing decision and not the researcher.
The second observation, that marketing research does not guarantee success, is simply recognition of the environment within which marketing task. Marketing research seeks to set about its task in a systematic and objective fashion. This means that a detailed and carefully designed research plan is developed in which each stage of the research is specified. Such a research plan is only considered adequate if it specifies: the research problem in concise and precise terms, the information necessary to address the problem, the methods to be employed in gathering the information and the analytical techniques to be used to interpret it. S place. Marketing research can be concerned with any of a variety of pricing, packaging, Module 3 - Research Design There are many categories of research design, such as exploratory versus quantitative, primary versus secondary, and experimental versus non-experimental. This module compares and contrasts alternative approaches, and discusses when ACH is appropriate. Learning Objectives - After completing this module, you should be able to: 1 . Define research design and identify its role in the marketing research proposal.
Research Design - Is a set of advance decision that make up the master plan specifying the method and procedures for collecting and analyzing data. * Methods vary from focus group to stimulated test markets to large, nationally representative sample surveys. * Is a detailed outlines of how an investigation will take place * Research design is not Just a work plan 2. Identify and distinguish between the three basic research designs: exploratory, secretive and causal. Answer; 1 .
Exploratory Research - Is systematic and flexible and allows the researcher to investigate whatever sources he o she desires. * Is most commonly unstructured informal research that is undertaken to gain background information about the general nature of the research problem 2. Descriptive Research - Which provides answer to question such as WHO, WHAT, WHERE, and HOW, as they are related to the research problem. 3. Casual Research - Seek to find cause and effect relationship between variables. It accomplishes this goal through laboratory and field experiments. 3.
Identify typical sources and application of secondary research data. Answer; Secondary data is data that already exists and has been collected by someone else for another purpose secondary data is information gathered for purpose other than the completion of a research project a variety of secondary information sources potential product application and the market place secondary data is also used to gain initial insight into the research problem. 4. Explain differences between primary research approaches in meeting research objectives (both qualitative and quantitative).
Answer; Quantitative Research Seek to confirm hypotheses about phenomena * Instrument use more rigid style of eliciting and categorizing responses to questions * Use high structures methods such as questionnaires, surveys and structured observation * To quality variation * To predict casual relationship * To describe characteristic of population * To develop and employ mathematical, models, theories, and/or hypotheses pertaining phenomena * Research techniques that are used to gather quantitative data information dealing with numbers and anything that is measurable statistic tables and graphs are often used to present to results Qualitative Research Instruments use more flexible iterative style of eliciting and categorizing responses to questions * Use semi structured methods such as in depth interviews focus groups and participant observation * To describe variation * To describe and explore relationship * To describe individual experiences * Gather an in depth understanding of human behavior and the reasons that govern such behavior * Produce information only on the particular cases studied and any general conclusion 5.
Define cross-sectional and longitudinal designs and identify at least two advantages for using each design over the other. Answer; Cross - sectional Design - are research design in which different co-worth or individual are tested at a given point of time advantage of cross - sectional design is that they are very economical. Longitudinal Design - are research design in which a cohort is selected and studied over are relatively long period of time with repeated measurement advantage of longitudinal design is their strength in allowing us to assess the change in variables and constructs over time. 6. Compare and contrast experimental versus non-experimental research designs.
Experimental Research - is conducted mostly in laboratories in the context of basic search the principle advantage of experimental designs is that provides the opportunity to identify cause and effect relationships two exceptions to this rule are natural experiments and field experiments natural experiments document and compare the behaviors of subject before and after some natural events Non Experimental Research - research that's locks manipulation of an independent variable random assignment of participants to conditions or orders of conditions or both in a sense it is unfair to define this large and diverse set of approaches collectively by what they are not an extremely important one can provide strong evidence that changes non experimental research generally cannot less important than experimental research or inferior to it in any general sense. 7. Name at least two disadvantages to laboratory experiments compared to field experiments.
Answer; Laboratory Experiment - is a research study conducted in a contrived setting in which the effect of all * Can also be referred to as true or randomized experiments and consists of three main factors ; * Laboratory experiments are favored to the ability to control the environment and compounding variables however this may cause a lack of external validity Field Experiment - is a research study induct in a natural setting in which one or more independent variables are manipulated by the experimenters under conditions controlled as carefully as the situations will permit * Field experiments offer an increase of external validity field experiment take place in the participants natural environment and consequently are easier to generalize 8.
Explain why extraneous variables pose a threat to internal and external validity and what affect extraneous variables may have on dependent variables in an experimental design. Answer: Extraneous Variables are undesirable variables that influence the relationship his, is that these are variables the influence the outcome of an experiment, though they are not the variables that are actually of interest. These variables are undesirable because they add error to an experiment. A major goal in research design is to decrease or control the influence of extraneous variables as much as possible. 9. Identify and explain the major sources of error in a research design.
Answer; Errors in research design ( Types of Errors ) * Sampling Error - Refers to the variables error resulting from chance selection of elements from population as per the sampling plan * Defined as the "non - resplendence of sample selected by probability means and the representative sample selected by the researcher * Population Specification Error - defined as the "non - correspondence of the population selected by the investigator * Selection Error * Non - correspondence of sample selected by non probability means and the representative sample sought by the researcher * It is a sampling error for the sample selected by non - probability methods. * Frame Error * Sampling frame of accounting for all elements of the population * It is usually a listing of all the elements that identify a population.
Non - Response Error - Sample differs from the original selected sample non response can occur in two ways * Non Contact - in ability to contact all the members of the sample * Refusal - non response of some or all the items of the measurements instruments * Surrogate Information Error - information is obtained from substitutes rather than original sample * Measurement Error - generated by the measurement process itself and represents the difference between information generated and information wanted. * Experimental Error - the "true impact of "and the "impact attributed to" the independent variables 10. Identify the phases of the marketing research process that are included in a marketing research proposal. Phases of Marketing Research Process * Defining the research objectives * Planning a research Design * Planning a sample * Collecting Data * Analyzing the data * Drawing conclusions and preparing a report 1 1 . Create proposals that clearly articulate the business need/context for the research, research approach, costs and timeliness. Explain the relationship between cost variables and research process.